CBN issues new risk-based cybersecurity framework to fight cybercrime

Central Bank of Nigeria (CBN) has issued new Risk-base Cybersecurity framework and guideline for Other Financial Institutions (OFIs) to trim down increased cybercrime in the sub sector.

The apex bank said that all OFIs are expected to put in place the new requirements as stated in the new guidelines.

The apex bank said that following the recent increase in the number and sophistication financial Institutions, especially in the OFIs, it has become mandatory for institutions to strengthen their cyber defense if they are to remain safe and sound in the system.

In a statement issued and signed by Director of OFIs, Nkiru Asiegwu said the effective date for full compliance with the provisions of the guidelines is January 1, 2023, stressing that all the OFIs are expected to comply on or before the stipulated date.

The apex regulator said that the purpose of the guidelines is to create a safer and more secure cyber environment that supports information system, security and promote stability of the OFIs sub sector.

According to the CBN the new framework contribute towards the prevention and combating of cybercrime in the OFI sub sector as well as promote the adoption and implementation of best practices and appropriate cybersecurity standard by OFIs.

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